JIANGSU HORIZON 02625·

Gross margin 19.74%--22.74%3.00%21.50%1.24%21.40%0.10%18.74%2.66% Net margin 2.45%--3.84%1.39%3.68%0.16%3.26%0.43%2.48%0.78% ROE 9.36%--11.57%2.21%10.49%1.08%8.16%2.33%5.08%3.07% ROA 2.98%--3.84%0.85%3.67%0.17%3.02%0.65%2.11%0.91% Revenue growth -----7.23%--5.52%12.74%-3.64%9.16%14.29%17.93% Attributable profit growth ----38.75%--0.12%38.64%-14.71%14.82%-14.26%0.44% Debt-to-assets 66.23%--66.45%0.22%64.94%1.51%62.84%2.10%59.17%3.67% Current ratio 1.12--1.170.051.260.081.360.111.470.11 Operating cash flow / net profit -1.31--1.372.681.340.033.191.84-2.015.20 Operating cash flow / revenue -3.20%--5.27%8.47%4.94%0.33%10.37%5.43%-4.98%15.35%

Gross margin 18.01%--15.90%2.11% Net margin 1.75%--2.75%1.00% Revenue growth ----4.73%-- Attributable profit growth ----73.69%-- Debt-to-assets ----57.22%-- Current ratio ----1.49--

Revenue 1.43B--1.33B7.23%1.40B5.52%1.35B3.64%1.54B14.29% Other income and gains 3.88M--5.98M54.37%5.36M10.48%7.66M42.99%7.19M6.10% Gross profit 282.69M--302.14M6.88%301.38M0.25%289.10M4.07%289.30M0.07% Selling and distribution expenses 158.76M--165.36M4.16%162.12M1.96%160.39M1.07%146.83M8.45% Administrative expenses 50.54M--51.98M2.85%52.61M1.21%54.42M3.44%59.35M9.05% Net finance costs 18.95M--21.61M14.02%21.54M0.31%24.03M11.54%25.91M7.83% Income tax 12.62M--17.42M38.09%18.46M5.94%18.37M0.47%15.86M13.65% Operating profit 67.13M--89.62M33.51%90.03M0.46%84.46M6.19%78.59M6.94% Share of associates and JVs -705.00K---------------1.19M-- Profit before tax 47.70M--68.49M43.59%70.06M2.29%62.34M11.01%54.10M13.22% Net profit 35.08M--51.06M45.57%51.60M1.05%43.98M14.78%38.24M13.05% Net profit attributable to owners 36.06M--50.03M38.75%50.09M0.12%42.72M14.71%36.63M14.26%

Revenue 771.29M--807.75M4.73% Other income and gains 3.38M--514.00K84.79% Cost of sales 632.41M--679.35M7.42% Gross profit 138.88M--128.40M7.54% Selling and distribution expenses 75.10M--70.44M6.22% Administrative expenses 32.65M--20.14M38.31% Net finance costs 9.21M--12.74M38.41% Income tax 9.33M--6.23M33.19% Operating profit 32.05M--41.16M28.44% Share of associates and JVs 0--59.00K-- Profit before tax 22.84M--28.48M24.68% Net profit 13.52M--22.25M64.63% Net profit attributable to owners 12.50M--21.71M73.69%

Cash and cash equivalents 184.39M--165.49M10.25%236.23M42.75%216.86M8.20%238.43M9.95% Trade and bills receivables 121.19M--199.93M64.97%213.78M6.93%190.01M11.12%397.42M109.16% Inventories 286.38M--324.02M13.14%266.27M17.82%330.06M23.96%413.40M25.25% Total current assets 764.66M--933.55M22.09%1.03B10.26%1.06B2.64%1.40B32.88% Total assets 1.18B--1.33B13.13%1.41B5.68%1.46B3.45%1.81B24.42% Total current liabilities 683.88M--796.41M16.46%819.98M2.96%774.55M5.54%954.34M23.21% Total liabilities 779.49M--884.76M13.51%913.79M3.28%914.78M0.11%1.07B17.14% Equity attributable to owners 385.31M--432.36M12.21%477.63M10.47%523.79M9.66%720.79M37.61% Total equity 397.51M--446.78M12.39%493.34M10.42%540.91M9.64%739.51M36.72%

Cash and cash equivalents ----128.80M-- Trade and bills receivables ----384.53M-- Inventories ----371.23M-- Total current assets ----1.35B-- Total assets ----1.77B-- Total current liabilities ----904.25M-- Total liabilities ----1.01B-- Equity attributable to owners ----738.85M-- Total equity ----757.96M--

Net cash from operating activities -45.83M--70.03M252.82%69.22M1.17%140.09M102.38%-76.95M154.93% Net cash from investing activities -24.75M---25.81M4.30%-34.54M33.79%-64.24M86.00%-71.40M11.14% Net cash from financing activities 78.38M---65.50M183.57%35.73M154.55%-95.80M368.13%171.04M278.54% Net change in cash 7.80M---21.28M372.80%70.41M430.95%-19.95M128.34%22.70M213.74%